Yes, timing belts are made of reinforced rubber. Age will cause the rubber to break down. After about 7 years it is a good idea to replace your timing belt no mater what the mileage is. One other thing of note, often times when timing belts are replaced a water pump and or camshaft oil seals may be recommend at the same time because they are in the area of the timing belt. With such low mileage some of these extras may not be necessary at this time.